MetLife MortgageSafe - protection for your mortgage payments
A clear, plain-English guide to MortgageSafe from MetLife: a policy that pays a monthly benefit designed to cover your mortgage repayments if an accident or illness means you are unable to work for at least 4 weeks. Simple, affordable protection focused on what matters most - the roof over your head. Prepared by your adviser - Albion Financial Advice.
This guide is a summary, not a binding document. Only the original MetLife documents (Policy Summary, MortgageSafe Policy Terms & Conditions) and your personalised Policy Schedule are binding.
Before you start - important information
This guide is a summary prepared by Albion Financial Advice to help you understand the MetLife MortgageSafe policy. It is not a contract or a legally binding document. In the event of any difference, doubt or claim, the original MetLife documents (Policy Summary and MortgageSafe Policy Terms & Conditions) always apply: the full definitions, exclusions and limits set out there are decisive. Always check the originals, and contact us with any questions.
Message us on WhatsApp or leave your details and an FCA-regulated adviser will call you back. Friendly, independent advice with no obligation.
What is MortgageSafe?
There's nowhere more comfortable than your own home - and no bill more important than its mortgage. MortgageSafe provides a monthly benefit designed to cover your mortgage repayments for 12 or 24 months if you suffer an accident or illness which means you are unable to work for at least 4 weeks. You choose whether the benefit is paid to you or directly to your mortgage lender - so you can focus on getting better, not on fearing for your home.
Mortgage paid, home safe
A benefit of £200 to £1,500 per month - up to your monthly mortgage repayment (maximum: repayment + 10% or £1,500, whichever is lower). You can cover part or all of your repayment.
Backdated to day one
The waiting period is 4 weeks, but payments are backdated to the first day you were unable to work. You can submit your claim in advance if you know you'll be off work, and MetLife's claims team aim to assess claims within 5 working days.
Premiums refunded while you claim
During any claim period your premiums are refunded, so you're not out of pocket. No mandatory GP reports or medical examinations are required at claim.
Simple, with light-touch underwriting
Core cover asks no health questions at all. Essential12 and Essential24 use a quick, simplified set of questions focused on significant or recent conditions only (typically looking back 2 years), with no family history questions and no medical loadings - if cover is offered, the quoted premium is the price you pay (exclusions may apply).
MortgageSafe is a simpler, more affordable form of income protection focused on your mortgage payment: it pays up to £1,500 a month for a maximum of 12 or 24 months. A full income protection policy can cover 50-65% of your whole salary and pay out all the way to retirement - but costs more and is more fully underwritten. We're happy to compare the two (we have a separate guide on income protection) and find the right fit for you - every situation is different.
Three levels of cover to choose from
- unable to work as a result of an accident,
- 4-week waiting period,
- benefit paid for up to 12 months,
- no medical questions asked - immediate cover,
- lowest premium (e.g. £6.10 per month for £800 of monthly benefit - illustrative example).
- unable to work as a result of an accident or illness,
- 4-week waiting period,
- benefit paid for up to 12 months,
- simplified health questions (significant or recent conditions only),
- e.g. £14.06 per month for £800 of benefit including Child Cover (illustrative example).
- unable to work as a result of an accident or illness,
- 4-week waiting period,
- benefit paid for up to 24 months - the longest protection,
- simplified health questions,
- e.g. £36.36 per month for £800 of benefit including Child Cover (illustrative example).
How the policy works - the key rules
- Benefit: you choose an amount from £200 to £1,500 per month - no more than your monthly mortgage repayment + 10% (or £1,500, whichever is lower). Paid to you or directly to your lender.
- Waiting period: 4 weeks of being unable to work - after which the benefit is paid backdated to the first day.
- Linked absences: periods of absence of more than one week for the same cause, occurring within 6 months of each other, are added together for determining when the waiting period ends.
- Recurrence without waiting: if you return to work after a successful claim but the same cause stops you working again within 6 months, there is no new 4-week waiting period.
- After the full benefit payment period has been used (12/24 months, in one continuous claim or several linked claims), no further benefit is payable until you have returned to work for at least 6 months.
- Worldwide cover: you are covered anywhere in the world for an accident or illness - but you must return to the UK to make a claim and receive benefit.
- Cover continues until the end of your mortgage period (no later than your 70th birthday), you stop being a UK resident, you die, or you stop paying the premium. Policy term: up to 40 years.
Who can take out MortgageSafe?
- You are aged 18 or above, up to your 60th birthday, and you are a UK resident.
- You are employed for at least 16 hours a week, every week.
- You are in continuous full-time employment or continuously self-employed for at least 6 months (or on a fixed term contract of at least 24 continuous months with your current employer).
- You are eligible for a mortgage at the time of application, and your mortgage has at least 5 years outstanding at the policy start date.
Run your own business with no entitlement to Statutory Sick Pay? MortgageSafe gives you confidence that the home and the family are protected even when illness stops your business - at an affordable price, with a simple digital application.
Message us on WhatsApp or leave your details and an FCA-regulated adviser will call you back. Friendly, independent advice with no obligation.
Optional Child Cover (£3 per month)
For £3 per month - regardless of the number of children - you can add cover for all your eligible children (your children, step-children or legally adopted children, from 6 months old up to 18, or 23 if they are still classed as a dependant, e.g. in education). Children don't need to live with you. This cover isn't linked to your mortgage - it pays a cash lump sum directly to you, to help with things like taxis to the hospital, a childminder while you're at work, or home education.
| Event covered by Child Cover | Benefit |
|---|---|
| Major broken bonearm, ankle, back, cranium, hip, leg, mandible, neck, pelvis, shoulder or wrist | £500 |
| Minor broken bone (any other, excluding the nose) | £100 |
| UK hospital stay - accident or illness (per 24-hour period)illness covered once the cover has been held for 12 months; maximum 90 days per condition or event; stays must be at least 24 hours | £50 / day |
| Diagnosis of cancer - excluding less advanced casesin line with the ABI's Guide to Minimum Standards; 90-day waiting period; one payment per child | £10,000 |
The maximum paid for any combination of benefits from a single accident to a child is £10,000. A child can be covered under a maximum of two MortgageSafe policies (yours and your partner's). The option can be selected and removed at any time. Not covered include: a broken nose, bones broken due to osteoporosis or brittle bone disease, soft tissue injuries and dislocations of fingers, thumbs and toes, stress fractures and bruised bones, non-UK hospitals, optional surgery, pregnancy and childbirth, and sickness during the first 12 months of the cover.
How much does it cost?
The premium depends on your age (18 to 59 at last birthday when applying), smoker status, level of cover (Core / Essential12 / Essential24), amount of cover (£200-£1,500 per month), occupation, policy term (up to 40 years, ending no later than your 70th birthday) and BMI. MetLife does not apply medical loadings - if cover is offered, the quoted premium is the price you pay (one or more exclusions may apply). Premiums are payable monthly by Direct Debit; MetLife may increase or decrease premiums for all policies no more than every 2 years, and never based on your individual circumstances.
Fictional MetLife examples for indicative purposes only - your premium depends on your individual circumstances. We'll prepare an exact quote for you.
What the policy doesn't cover - exclusions and limitations
- Pre-existing injuries and illnesses - any claim arising from an injury or illness which commenced or occurred prior to the start of cover, and any excluded cause shown on your Policy Schedule as a result of underwriting.
- Self-inflicted injury or attempted suicide.
- Illegal acts - active participation in an actual or attempted illegal act, including road traffic offences.
- Some sporting activities - including playing professional sport and contests of speed.
- War or act of foreign enemy, and any form of military service.
- Aerial flight - other than as a fare-paying passenger.
- Events where alcohol was a significant factor.
- Certain tasks undertaken during employment or self-employment, as specified in the Policy Terms & Conditions.
- Unemployment and loss of earnings that is not the result of an accident or illness (this is not unemployment insurance).
- Shielding or self-isolating where you do not meet the definition of being unable to work.
If you are unable to work on the policy start date due to accident or illness, cover for that particular cause only begins once you have returned to work for at least one working day. Where benefit is paid directly to your lender, any shortfall between the benefit and your repayment remains your responsibility. Cancelling within 30 days = full refund of premiums (provided you haven't claimed); after that, no refund is paid.
How to make a claim
Contact MetLife as soon as reasonably practical - by phone: 0800 917 0100 (option 2), by email: claims@metlife.uk.com, or in writing: MetLife Claims Team, PO Box 1411, Sunderland SR5 9RB. You can submit your claim in advance if you know you'll be unable to work; claims are typically assessed within 5 working days. You must also tell MetLife when you are capable of returning to work. We'll gladly manage the claim with you - at no extra charge.
MetLife has taken steps to ensure all its UK customers are eligible to apply for compensation through the FSCS should the insurer be unable to meet its financial obligations. Complaints are handled by MetLife (0800 917 0100) and then by the Financial Ombudsman Service (0800 023 4567, www.financial-ombudsman.org.uk).
We're with you for the whole life of your policy - especially when the hardest moments come.
If your policy was arranged with the help of Albion Financial Advice - with any of our advisers - we guarantee to help you with your claim and pursue the payout from the insurer for as long as that policy lasts. It doesn't matter which adviser helped you arrange it, or whether they still work with us. Your claim will always be handled by Albion Financial Advice Services Ltd. Whatever happens, you won't face it alone: we'll manage your claim from notification through to payout, at no extra charge.
Message us on WhatsApp or leave your details and an FCA-regulated adviser will call you back. Friendly, independent advice with no obligation.
Let's talk about protecting your home
No obligation - we'll help you choose the right level of cover (Core, Essential12 or Essential24), match the benefit amount to your mortgage repayment, compare it with full income protection, and manage any claim with you.
This document is a summary prepared by Albion Financial Advice for information purposes. It is not a binding document or a contract. The exact scope of cover, definitions, exclusions and conditions for paying benefits are always set out in the original MetLife documents: the MortgageSafe Policy Summary, Policy Terms & Conditions and your Policy Schedule, which prevail in the event of any discrepancy. Example premiums are taken from MetLife materials and are for indicative purposes only.
Tax residence. Benefits paid under the policy are usually free from UK income tax, National Insurance contributions and capital gains tax. Tax treatment depends on your country of tax residence and individual circumstances - please consult a tax adviser in your country of residence.
Products and services are offered by MetLife Europe d.a.c., an affiliate of MetLife, Inc. operating under the "MetLife" brand, registered in Ireland under company number 415123, with a UK branch office at Invicta House, Trafalgar Place, Brighton BN1 4FR (branch establishment number BR008866), authorised and regulated by the Central Bank of Ireland, authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Albion Financial Advice is an independent adviser and is not part of MetLife. If you have any questions or need to claim, contact us - we'll help at no extra charge.
Let us talk through your options
Your first consultation is free and there is no obligation.
Albion Financial Advice provides regulated mortgage and insurance advice where applicable. Your home may be repossessed if you do not keep up repayments on your mortgage. Wills, estate planning and some forms of business and buy-to-let insurance are not regulated by the Financial Conduct Authority. Information on this page is general only and does not constitute financial advice.